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Building Business Credit for Small Business Owners
By David Gass
Entrepreneurs must separate their personal and life. They need to in order to be seen as a typical consumer for credit purposes, so they aren't turned down for a mortgage or car loan just because their credit score is low from activity.
The key to understanding credit is to know there are no laws protecting the owner from the credit bureaus, as there are with personal credit. For instance if you look on your personal credit report and find “anything” that is not accurate you can dispute it with the personal credit bureaus (Equifax, Experian, TransUnion). The bureaus are required to research the information for accuracy and then reply within 30 days or it has to be removed from your report.
For credit reports there is no such law. You can have misleading or completely false information on the credit report and no protection from the law.
I tell you this because of the value of having your in compliance with the credit market before you apply for credit under the business. Before you look at applying for credit under your name you must have a credit profile built that is separate from your personal credit and be in compliance. For example, you must have a phone line listed with directory assistance and a license. Without these two items most lenders won't even consider your credit application. These are only two of hundreds of items lenders look at for your company's compliance.
By applying for credit under your and not having first established a credit profile, which we refer to as “being in compliance”, obtain basic credit without the use of
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your personal information and develop a credit score, you can waste lots of time, money, and resources.
In order to obtain the credit score you must find companies that will establish credit for your without using your personal credit information and then report the payment experiences to the credit bureaus. By reporting the information a credit profile will be established.
The credit profile can be established as a Sole Proprietorship or Partnership in addition to a Corporation or LLC. However, with a Sole Proprietorship or Partnership the owner's personal credit information may be included on their credit report and vice-versa. In addition, as a Sole Proprietor or Partner in a Partnership you are personally liable for the debts of the and all your personal assets are at risk in litigation.
Corporations and LLCs on the other hand afford the owner liability protection and a separate credit profile. The owners may apply for credit under the and obtain credit without a personal credit check or guarantee, if the credit grantor will do so. Our company, Business Credit Services, has researched the trade credit market over the last five years and found that there are thousands of companies that will do this if asked.
Our focuses on getting companies in compliance with the trade credit market and matching companies seeking credit with those granting credit. It is extremely important for businesses to meet all requirements of the credit market in order to ensure a higher likelihood of an approval. In fact, not being in compliance with the credit market can cause red flags with credit bureaus and grantors. Most businesses will not grant credit to another that has not taken the steps to set the company up with the proper licenses and local, state, and federal requirements.
Almost every at one point will need some type of credit. To lower the risk of using your personal credit and guarantees and obtaining the best possible terms, start the steps necessary to build a credit profile separate from your personal credit report. No one wants to find themselves in a position unable to obtain credit for a mortgage or car loan when you need it most.
David Gass is the President and Founder of Business Credit Services Inc. His company provides coaching programs for small business owners and has developed a patent-pending process for building business credit. In addition the company offers incorporation services and business plan writing. Learn more about their services online at http://www.businesscreditbuilder.net
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